Corio boosts earnings in 2009

Listed retail specialist Corio saw its direct result (from rental income) rise 6.9% in 2009 to EUR 218 mln. The indirect result came to a negative EUR 350.1 mln compared to a negative EUR 443.7 mln in 2008 reflecting further writedowns of the portfolio. In total, the value of the portfolio fell to EUR 5.9 bn from EUR 6.0 bn a year ago.

In 2009, Corio extended or renewed 8.1% of its leasing agreements, boosting rental income by 7.1%. The company declined to give a forecast for the current year. In a press release, Corio said it first wanted to finalise negotiations with Multi Corporation on the acquisition of part of its portfolio. It added that it was not certain that a transaction would indeed take place. Corio announced on 21 December last year that it was in talks with Multi on a possible deal.

Corio is primarily interested in acquiring shopping centres in various countries in Western Europa, including existing shopping centres and those under development. The focus is on assets in Germany where Corio is keen to create a new home market.

Corio is proposing a dividend of EUR 2.65 per share in cash or stock.